How can we help?

You can also find more resources in our Help Center.

Study sets matching "managerial accounting"

Study sets
Classes
Users

Study sets matching "managerial accounting"

54 terms
Managerial Accounting
Cost
Expenses
Price
Accumulated cost
The amount of cash or cash equivalent sacrifice for goods and…
Expired cost. Expenses are deducted from revenues to determin…
The revenue per unit
The way that cost are measured and recorded
Cost
The amount of cash or cash equivalent sacrifice for goods and…
Expenses
Expired cost. Expenses are deducted from revenues to determin…
98 terms
Managerial Accounting
Marginal Cost
Unit Cost
Continuous Improvement
Kaizan
Extra cost of producing one additional unit of production.
The average production cost per unit
Ongoing small, incremental improvements in all parts of an or…
short term approach to enhancing efficiency that focuses on i…
Marginal Cost
Extra cost of producing one additional unit of production.
Unit Cost
The average production cost per unit
25 terms
Managerial Accounting
Direct Materials
Direct Labor
Manufacturing Overhead
Non manufacturing Costs
Raw materials that become an integral part of the product and…
Those labor costs that can be easily traced to individual uni…
Manufacturing costs that cannot be easily traced directly to…
Selling Costs, administrative costs
Direct Materials
Raw materials that become an integral part of the product and…
Direct Labor
Those labor costs that can be easily traced to individual uni…
98 terms
Managerial Accounting
Marginal Cost
Unit Cost
Continuous Improvement
Kaizan
Extra cost of producing one additional unit of production.
The average production cost per unit
Ongoing small, incremental improvements in all parts of an or…
short term approach to enhancing efficiency that focuses on i…
Marginal Cost
Extra cost of producing one additional unit of production.
Unit Cost
The average production cost per unit
98 terms
Managerial Accounting
Marginal Cost
Unit Cost
Continuous Improvement
Kaizan
Extra cost of producing one additional unit of production.
The average production cost per unit
Ongoing small, incremental improvements in all parts of an or…
short term approach to enhancing efficiency that focuses on i…
Marginal Cost
Extra cost of producing one additional unit of production.
Unit Cost
The average production cost per unit
12 terms
Quiz 1 Managerial Accounting
Gross Margin
Operating margin
Net Margin
Sequential Analaysis
Sales minus cost of goods sold (COGS or COS)
What is left after paying for COGS and operating expenses lik…
What is left at the bottom after subtracting all expenses fro…
Reviewing a firms financial statements from left to right to…
Gross Margin
Sales minus cost of goods sold (COGS or COS)
Operating margin
What is left after paying for COGS and operating expenses lik…
98 terms
Managerial Accounting
Marginal Cost
Unit Cost
Continuous Improvement
Kaizan
Extra cost of producing one additional unit of production.
The average production cost per unit
Ongoing small, incremental improvements in all parts of an or…
short term approach to enhancing efficiency that focuses on i…
Marginal Cost
Extra cost of producing one additional unit of production.
Unit Cost
The average production cost per unit
90 terms
Managerial Accounting
Budget
Business process
Controlling
Corporate social responsibility
A detailed plan for the future that is usually expressed in f…
A series of steps that are followed in order to carry out som…
The process of gathering feedback to ensure that a plan is be…
A concept whereby organizations consider the needs of all sta…
Budget
A detailed plan for the future that is usually expressed in f…
Business process
A series of steps that are followed in order to carry out som…
92 terms
Managerial Accounting
3 components of product cost
period costs
indirect costs
manufacturing overhead
(1) materials, (2) labor, (3) and overhead
costs normally expensed in the period in which they are incur…
costs that cannot be traced to products and services in a cos…
the indirect costs incurred to make products; includes indire…
3 components of product cost
(1) materials, (2) labor, (3) and overhead
period costs
costs normally expensed in the period in which they are incur…
97 terms
Managerial Accounting
PCAOB
When did accounting industry become mo…
All accounting info should be
Product Cost
Public Company Accounting Oversight Board
After ENRON scandal
timely and relevant
All costs related to obtaining or manufacturing a product int…
PCAOB
Public Company Accounting Oversight Board
When did accounting industry become mo…
After ENRON scandal
49 terms
Managerial Accounting
What is financial accounting?
Accounting CAPTURES
Financial Accounting's Objective is to…
Primary Users
The preparation and use of accounting information... That is…
Economic Events
Evaluate the financial position and performance of a company.…
Management, Investment Professionals, Government Agencies, Sh…
What is financial accounting?
The preparation and use of accounting information... That is…
Accounting CAPTURES
Economic Events
41 terms
Managerial Accounting
Total product cost =
Unit product cost =
Prime cost =
Conversion cost =
Direct materials + Direct labor + Manufacturing overhead
Total product cost / number of units
Direct materials + Direct labor
Direct labor + Manufacturing overhead
Total product cost =
Direct materials + Direct labor + Manufacturing overhead
Unit product cost =
Total product cost / number of units
98 terms
Managerial Accounting
Marginal Cost
Unit Cost
Continuous Improvement
Kaizan
Extra cost of producing one additional unit of production.
The average production cost per unit
Ongoing small, incremental improvements in all parts of an or…
short term approach to enhancing efficiency that focuses on i…
Marginal Cost
Extra cost of producing one additional unit of production.
Unit Cost
The average production cost per unit
20 terms
Managerial Accounting
Which of the following is an example o…
The Zoe Corporation has the following…
The cost of a manufactured product gen…
Beginning work in process is equal to:…
c. Cost of interior upholstery
a. 125500... b. 127500
c. Direct labor cost, direct materials cost, and factory over…
b. Cost of goods manufactured plus ending work in process min…
Which of the following is an example o…
c. Cost of interior upholstery
The Zoe Corporation has the following…
a. 125500... b. 127500
30 terms
Managerial Accounting Chapter 3
Actual Costing
Applied Factory Overhead
Assembled Products
Commingled Products
A costing system in which product costs consist of actual dir…
The amount of factory overhead cost determined by the... product…
Products produced by bringing parts and subassemblies together.
Products in which one unit cannot be distinguished from any o…
Actual Costing
A costing system in which product costs consist of actual dir…
Applied Factory Overhead
The amount of factory overhead cost determined by the... product…
22 terms
Managerial Accounting Chapter 11
Asset Turnover
Cost-Based Transfer Prices
Decentralization
Decentralized Company
The ratio of sales divided by an investment base, which measu…
Prices that are based on production costs and used to... transfe…
The delegation of decision-making authority to lower manageri…
A company in which operating subunits are created with... defini…
Asset Turnover
The ratio of sales divided by an investment base, which measu…
Cost-Based Transfer Prices
Prices that are based on production costs and used to... transfe…
14 terms
Managerial Accounting Chapter 4
Cost of Production Report
Equivalent Units
First-In, First-Out (FIFO) Cost Method
Hybrid Cost System
A report which presents information about units, costs... charge…
The theoretical number of units that could have been produced…
A process costing method that presumes the beginning inventor…
One type of cost system is used for one phase of the producti…
Cost of Production Report
A report which presents information about units, costs... charge…
Equivalent Units
The theoretical number of units that could have been produced…
51 terms
Managerial Accounting Chapter 1
Bill of Materials
Certified Management Accountant (CMA)
Committed Fixed Cost
Contribution Margin
A complete list of all materials used in a product.
A person who has passed a qualifying examination sponsored by…
A fixed cost over which a manager has no control and must... inc…
Sales revenue less variable costs.
Bill of Materials
A complete list of all materials used in a product.
Certified Management Accountant (CMA)
A person who has passed a qualifying examination sponsored by…
22 terms
Managerial Accounting Chapter 12
Activity Analysis
Appraisal Costs
Balanced Scorecard
Benchmarking
Monitoring activities to assess which activities add value to…
Costs of quality that are incurred to monitor and inspect pro…
A tool that integrates financial and nonfinancial performance…
Comparing operations, costs, and productivity with world-clas…
Activity Analysis
Monitoring activities to assess which activities add value to…
Appraisal Costs
Costs of quality that are incurred to monitor and inspect pro…
26 terms
Managerial Accounting Chapter 2
Account Analysis
Break-Even Analysis
Break-Even Chart
Break-Even Point
A method of estimating fixed and variable costs by classifyin…
An approach that examines the interaction of factors that... inf…
A graph showing cost and revenue functions together with a br…
The point where total revenues equal total costs.
Account Analysis
A method of estimating fixed and variable costs by classifyin…
Break-Even Analysis
An approach that examines the interaction of factors that... inf…
358 terms
Managerial Accounting test #2
When overhead is allocated to every pr…
with increased competition, managers n…
using departmental overhead rates is g…
cost distortion occurs when some produ…
false
true
false
true
When overhead is allocated to every pr…
false
with increased competition, managers n…
true
15 terms
Managerial Accounting
Contribution Margin
Selling Price
Variable Cost
Break Even Point (Units)
CM
SP
VC
BE(u)
Contribution Margin
CM
Selling Price
SP
454 terms
Managerial Accounting Exam #3
you are trying to decide whether to tr…
jubilee frozen foods purchased new com…
E8-20A fill in the table
which of the following best describes…
a) the trade-in value of the old printer is: RELEVANT... b) pap…
a) book value of old machine: NOT RELEVANT... b) maintenance co…
requirement 2) ... revenue at market price ... LESS: desired profit…
costs that were incurred in the past and cannot be changed
you are trying to decide whether to tr…
a) the trade-in value of the old printer is: RELEVANT... b) pap…
jubilee frozen foods purchased new com…
a) book value of old machine: NOT RELEVANT... b) maintenance co…
83 terms
Managerial Accounting
function of management acct
management functions
different parts of value chain
difference between managerial & financ…
to facilitate the efficient creation of value at all levels b…
1. decision making... 2. planning... 3. directing operational activ…
R&D, design, production, marketing, distribution, customer se…
managerial: private info for management, forward-looking, not…
function of management acct
to facilitate the efficient creation of value at all levels b…
management functions
1. decision making... 2. planning... 3. directing operational activ…
43 terms
Managerial Accounting Exam 1
What are the differences between Finan…
CEO:
COO:
CFO:
-hired on by the board of directors... -manages the company on a…
-hired on by the CEO... -manages day to day operations and repor…
-hired on by the CEO... -handles the finical accounting, manager…
What are the differences between Finan…
CEO:
-hired on by the board of directors... -manages the company on a…
99 terms
Managerial Accounting
Marginal Cost
Unit Cost
Continuous Improvement
Kaizan
Extra cost of producing one additional unit of production.
The average production cost per unit
Ongoing small, incremental improvements in all parts of an or…
short term approach to enhancing efficiency that focuses on i…
Marginal Cost
Extra cost of producing one additional unit of production.
Unit Cost
The average production cost per unit
17 terms
Managerial Accounting
Value Chain
Cost Object
Sarbanes-Oxley Act of 2002
Service Company
a network of value-creating activities
Anything for which managers want a separate measurement of cost
To insure the accuracy and fair reporting of these financial…
A company that sells intangible services rather than tangible…
Value Chain
a network of value-creating activities
Cost Object
Anything for which managers want a separate measurement of cost
37 terms
Ch 5 Managerial Accounting
Those firms producing similar products…
if a company's products/ services are…
Customized or built-to-order products…
Firms in process industries mass-produ…
process-costing accounting system
job-order accounting system.
Job-Order Environment
process-costing system
Those firms producing similar products…
process-costing accounting system
if a company's products/ services are…
job-order accounting system.
64 terms
Managerial Accounting
1. Which of the following is not a maj…
2. A major disadvantage of a corporati…
3. Which of the following statements i…
4. The ability of a corporation to obt…
c. Government regulations.
b. additional taxes.
c. Limited liability of stockholders
a. enhanced because of limited liability and ease of share tr…
1. Which of the following is not a maj…
c. Government regulations.
2. A major disadvantage of a corporati…
b. additional taxes.
29 terms
Managerial Accounting Chapter 6
Benchmark
Bill of Materials Explosion
Budget
Budget Slack
A comparison of operations, costs, or productivity with world…
The complete list of materials and quantities used for all... pr…
A plan showing how resources are to be acquired and used over…
Excess resources built into the budget over the amount necess…
Benchmark
A comparison of operations, costs, or productivity with world…
Bill of Materials Explosion
The complete list of materials and quantities used for all... pr…
98 terms
Managerial Accounting
Marginal Cost
Unit Cost
Continuous Improvement
Kaizan
Extra cost of producing one additional unit of production.
The average production cost per unit
Ongoing small, incremental improvements in all parts of an or…
short term approach to enhancing efficiency that focuses on i…
Marginal Cost
Extra cost of producing one additional unit of production.
Unit Cost
The average production cost per unit
managerial accounting
capital budgeting
capital asset
hurdle rate
present value
the process of evaluating an investment in long term assets
a long term asset
the minimum rate of return that an organization requires
the value today of dollars to be received or paid in the future
capital budgeting
the process of evaluating an investment in long term assets
capital asset
a long term asset
98 terms
Managerial Accounting
Marginal Cost
Unit Cost
Continuous Improvement
Kaizan
Extra cost of producing one additional unit of production.
The average production cost per unit
Ongoing small, incremental improvements in all parts of an or…
short term approach to enhancing efficiency that focuses on i…
Marginal Cost
Extra cost of producing one additional unit of production.
Unit Cost
The average production cost per unit
10 terms
Managerial Accounting
Return on Equity (ROE)
Earnings per Share (EPS)
Profit Margin
Current Ratio
Net Income/Avg. Stockholders Equity
Net Income/ Avg. # Common Shares Outstanding
Net Income/Net Sales
Current Assets/Current Liabilities
Return on Equity (ROE)
Net Income/Avg. Stockholders Equity
Earnings per Share (EPS)
Net Income/ Avg. # Common Shares Outstanding
66 terms
Managerial Accounting
Calculate Asset Turnover
The higher the asset turnover
Calculate return on assets
You classify product costs as
Sales revenue divided by average assets
The more productive the company
Net income divided by average assets
inventory, an asset on the balance sheet, until you actually…
Calculate Asset Turnover
Sales revenue divided by average assets
The higher the asset turnover
The more productive the company
27 terms
Managerial Accounting
Difference between a merchandising and…
diff between a merchandising and a man…
similarities between job order and pro…
four main diff between job and process
a manufacturing Cost of goods sold section shows beginning an…
in the current assets section; man: pre send three inventory…
1. both teach the same cost elements... 2. both accumulate costs…
1. process cost system uses separate accounts for each depart…
Difference between a merchandising and…
a manufacturing Cost of goods sold section shows beginning an…
diff between a merchandising and a man…
in the current assets section; man: pre send three inventory…
23 terms
Managerial Accounting
Importance of Budgeting
Benefits of Budgeting
Budget
Profit rich an cash poor
1. To assign decision making authority over company resources…
1. Enhanced management Responsibility... 2. Assignment of decisi…
Comprehensive financial plan for future operations, expected…
When a business has cash flow problems and their cash is tied…
Importance of Budgeting
1. To assign decision making authority over company resources…
Benefits of Budgeting
1. Enhanced management Responsibility... 2. Assignment of decisi…
82 terms
Managerial Accounting
Account analysis
Activity base
Administrative costs
Committed fixed costs
A method for analyzing cost behavior in which an account is c…
A measure of whatever causes the incurrence of a variable cos…
All executive, organizational, and clerical costs associated…
Investments in facilities, equipment, and basic organizationa…
Account analysis
A method for analyzing cost behavior in which an account is c…
Activity base
A measure of whatever causes the incurrence of a variable cos…
54 terms
managerial accounting
segment
planning
controlling
budget
is a part or activity of an organization about which managers…
involves establishing goals specifying how to achieve them
the process of gathering feedback to ensure that a plan is be…
a detailed plan for the future that usually expressed in form…
segment
is a part or activity of an organization about which managers…
planning
involves establishing goals specifying how to achieve them
44 terms
Managerial Accounting
Administrative costs
Common cost
Conversion costs
Cost behavior
All executive, organizational, and clerical costs associated…
A cost that is incurred to support a number of cost objects b…
Direct labor cost plus manufacturing overhead cost.
The way in which a cost reacts to changes in the level of act…
Administrative costs
All executive, organizational, and clerical costs associated…
Common cost
A cost that is incurred to support a number of cost objects b…
107 terms
Managerial Accounting
Budget
Chief financial officer (CFO)
Control
Controller
Quantitative expression of a proposed plan of action by manag…
Executive responsible for overseeing the financial operations…
Taking actions that implement the planning decisions, decidin…
The financial executive primarily responsible for management…
Budget
Quantitative expression of a proposed plan of action by manag…
Chief financial officer (CFO)
Executive responsible for overseeing the financial operations…
8 terms
Managerial accounting
Planning
Controlling
Improving
Product cost
Used by management to develope the company's objectives
Monitoring the operations results of implemented plans and co…
Used by management to develop the company's objectives
Consist of manufacturing costs: direct materials, direct labo…
Planning
Used by management to develope the company's objectives
Controlling
Monitoring the operations results of implemented plans and co…
11 terms
managerial accounting
Organizations achieve control by:
Behavioral implications1
Behavioral implications2
Four standars of ethical conduct for m…
Evaluating managers - rewarded or punished... Evaluating operati…
ㅇ people react when they're being measured... ㅇ focus on measure…
ㅇ management accountants must understand reactions of individ…
ㅇ Competence... ㅇ Confidentiality ... ㅇ Integrity... ㅇ Objectivity
Organizations achieve control by:
Evaluating managers - rewarded or punished... Evaluating operati…
Behavioral implications1
ㅇ people react when they're being measured... ㅇ focus on measure…
39 terms
Managerial accounting
What is mixed costs?
What methods do we use to estimate the…
How scatterpot looks like?
What is considered as a linear linear…
A mixed cost contains both variable and fixed cost elements.
The high-low and least-squares regression methods
whenever a straight line is a reasonable approximation for th…
What is mixed costs?
A mixed cost contains both variable and fixed cost elements.
What methods do we use to estimate the…
The high-low and least-squares regression methods
130 terms
Managerial Accounting
Cost behavior refers to the methods us…
Cost behavior refers to the manner in…
The variable cost per unit remains con…
Monthly rent on a factory building tha…
false
true
true
true
Cost behavior refers to the methods us…
false
Cost behavior refers to the manner in…
true
40 terms
Managerial Accounting
Historical experience should be used w…
Standards set by engineering studies... a…
The standard cost per unit of output f…
A currently attainable standard is one…
a. they may perpetuate operating inefficiencies
e. all of these
c. standard input price X standard input allowed per unit of…
d. can be achieved under efficient operating conditions
Historical experience should be used w…
a. they may perpetuate operating inefficiencies
Standards set by engineering studies... a…
e. all of these
20 terms
Managerial Accounting
Product Differentiation
Price-Based Competition
Managerial Accounting
Financial Accounting
producing a product that is different in one or more key dime…
competing on price as opposed to product qualities
primarily internal, governed by management's needs, primarily…
primarily external, governed by GAAP or IFRS, primarily histo…
Product Differentiation
producing a product that is different in one or more key dime…
Price-Based Competition
competing on price as opposed to product qualities
32 terms
managerial accounting
Working Capital... (measures the company'…
Current Ratio... (Test of short-term debt…
Acid-Test Ration ... (Test of short-term…
Account Receivable Turnover ... (Measures…
Current Assets - Current Liabilities
Current Assets / Currents Liabilities
(Cash + Marketable securities + Account Receivable + short-te…
Sales on account / Average accounts receivable balance
Working Capital... (measures the company'…
Current Assets - Current Liabilities
Current Ratio... (Test of short-term debt…
Current Assets / Currents Liabilities
28 terms
Managerial Accounting
ACTIVITY-BASE COSTING
BALANCED SCORECARD
BOARD OF DIRECTORS
CHIEF EXECUTIVE OFFICER
A method of allocating overhead based on each product's use o…
A performance-measurement approach that uses both financial a…
The group of officials elected by the stockholders of a corpo…
Corporate officer who has overall responsibility for managing…
ACTIVITY-BASE COSTING
A method of allocating overhead based on each product's use o…
BALANCED SCORECARD
A performance-measurement approach that uses both financial a…
49 terms
Managerial Accounting
Relevant Costs
Irrelevant
Variable Costs
Fixed Costs
Differential costs, costs that differ between alternatives
Costs that do not differ b/w alternatives or sunk costs (cost…
Change in total cost in direct proportion to changes in volume
Stay constant in total cost over a wide range of activity lev…
Relevant Costs
Differential costs, costs that differ between alternatives
Irrelevant
Costs that do not differ b/w alternatives or sunk costs (cost…
1 of 10